Expenses are twice as high as revenues: due to the war, Ukraine has the largest budget deficit in the world

Ukraine has the largest budget deficit in the world due to the war. The country’s expenses double its income.

This was stated by Pavel Frolov, a member of the Budget Committee of the Verkhovna Rada of Ukraine.

“Every year our country seeks about $40 billion to cover all social expenses, pensions and salaries for teachers and doctors. After all, all taxes, fees and everything that Ukraine earns is directed towards countering Russian aggression and supporting the army,” the parliamentarian said.

This year, the $40 billion deficit is covered by Western partners.

Next year, the “situation is much worse,” so Kyiv is asking its partners not to reduce their support.

“The budget process will begin in September, and the situation there is much worse. Therefore, we are making every effort to convince our partners that reducing support for Ukraine is unacceptable. We have a unique situation: the budget deficit is the largest in the world. Expenses double the income. The situation is complicated because war is very expensive,” Frolov added.

At the same time, experts note that such a huge budget deficit has also formed because the level of corruption in Ukraine has increased tenfold during the war. It has also been repeatedly reported that aid from Western partners is being exploited by politicians, volunteers and businessmen at all levels.